Tue Jul 11, 2017 Alto Acquires A Third Exploration Licence And Extends Exploration Program At Oxford Lake Gold Project In Manitoba
Vancouver, B.C., July 11, 2017. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce the acquisition of a further 9,488 hectare mineral exploration license on trend west of its 100% owned Oxford Lake gold project in Manitoba. Alto's previously announced summer program of geological mapping, prospecting, and soil/rock sampling will be extended for a further month to generate and prioritize targets for a diamond drill campaign planned for next winter.
The Oxford Lake Property, which includes the Rusty Gold Deposit, now comprises approximately 36,000 hectares and covers a 35km trend prospective for multiple, Banded Iron Formation ("BIF") associated gold deposits. Other Canadian BIF gold deposits such as Musselwhite, Meadowbank, Meliadine, Lupin and Back River tend to be sizeable and exhibit consistent, economic grades of gold.
Rusty Lake Gold Deposit
Historical exploration drilling conducted by Noranda Exploration in the 1990s resulted in the discovery of the Rusty Gold Deposit. Noranda outlined a Historical Resource (not NI 43-101 compliant*) of 800,000 tonnes averaging 6 g/t Au, containing approximately 154,000 ounces of gold, and discovered the Blue Jay gold zone two kilometres to the east. In 2012, Alto conducted its first-pass drill program which confirmed multiple gold bearing mineralized intersections within the banded iron formation, including 22.5 g/t Au over 0.5 m within 2.7m averaging 6.7 g/t Au and 6.8 m averaging 5.7 g/t Au including 11.7 g/t Au over 1.6 m and 16.5 g/t Au over 1.0 m at the Blue Jay Zone.
* The historic estimate for the Rusty Lake Gold Deposit was completed prior to Alto's acquisition of the Oxford Lake Property and generated by Noranda Exploration. Alto believes the historical resource estimate to be relevant and reliable. However, a Qualified Person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as current mineral resources, as defined by NI 43-101. Hence, the historical resource estimate should not be relied upon.
Alto's President, Mike Koziol, P. Geo. is a Qualified Person under the provisions of National Instrument 43-101 and approves the technical data and conclusions in this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario. In Manitoba, the Company is focused on the gold and base metals potential of the highly prospective but relatively under-explored Oxford Lake property. For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo.,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
President and Director
ALTO VENTURES LTD.
Unit 7 -- 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
CEO and Director
ALTO VENTURES LTD.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6
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